The economy of the future seems to be moving significantly away from the characteristics of the “Smithian” type of economy as more and more goods are produced under conditions of increasing economies of scale. In the modern economy, the ability to create innovation is the main source of wealth creation, while the value relevance of goods is changing significantly as the underlying value tends to take a more immaterial form. Traditional economic policies seem unable to address contemporary challenges, mainly the declining importance of labour in the distribution of wealth, growing inequalities, the declining competitiveness and indebtedness of the West and the lack of secure investment goods.
Based on the above findings, the aim of the course is to understand the microeconomic and macroeconomic implications of the new economy and the challenges that have emerged in the global economic environment.